Pressure building to reauthorize Ex-Im Bank

Boeing is blaming the failure of Congress to reauthorize the Export-Import Bank for its recent loss of two foreign satellite contracts. General Electric also announced plans this week to move about 400 jobs to France and 100 jobs to Hungary and China to take advantage of those countries’ export-credit agencies. “In a competitive world,” GE vice chairman John Rice told the New York Times, “we are left with no choice but to invest in non-U.S. manufacturing and move production to countries that support high-tech exporters.” The Ex-Im Bank’s charter expired on July 1. The Senate reauthorized the bank (an action that normally is routine), but the House has yet to vote. Business groups, such as the U.S. Chamber of Commerce and the National Association of Manufacturers, strongly support the bank, but some conservative groups, such as Koch-backed Americans for Prosperity, contend it is an example of “crony capitalism.” – Phillip Brownlee

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